Through TSAHC’s partnership with a network of HUD-approved housing counseling agencies, the funding from the Meadows Foundation will enable TSAHC to continue to support counseling services to homeowners facing foreclosure.
Housing counseling is an effective foreclosure prevention tool and can be vital to the financial recovery of homeowners facing a financial hardship. A study released in early 2011 by the Urban Institute concludes that homeowners who receive foreclosure prevention counseling are 70% more likely to avoid foreclosure than homeowners who don’t receive counseling.
Foreclosure prevention counseling is also critically important to the Texas housing market recovery. Keeping existing homeowners in their homes preserves neighborhood stability and prevents the downward spiral of home prices following concentrations of foreclosures in certain areas.
“We are very grateful to the Meadows Foundation for this support,” said David Long, President of TSAHC. “This award brings us one step closer to this year’s goal of helping more than 2,200 families at risk of foreclosure stay in their own homes. The impact of this award from the Meadows Foundation will extend beyond the families assisted, since home foreclosures have a negative effect on neighborhoods and communities.”
TSAHC recommends homeowners in need of foreclosure prevention counseling assistance call 1-888-995-HOPE or visit www.findaforeclosurecounselor.org to locate a housing counseling agency in their area. These local non-profit organizations offer free foreclosure counseling in addition to other housing related services.
The Meadows Foundation is a private philanthropic institution established in 1948 by Algur H. and Virginia Meadows to benefit the people of Texas. The Foundation’s mission is to assist the people and institutions of Texas improve the quality and circumstances of life for themselves and future generations. The Foundation looks for programs and services that employ imaginative, innovative ways to solve community problems through projects leading to organizational self-sufficiency and in capital plans that enable agencies to flourish. Since its inception, the Foundation has disbursed over $660 million in grants and direct charitable expenditures to over 2,900 Texas institutions and agencies.
The Texas State Affordable Housing Corporation (TSAHC) is a non-profit organization created by the Texas Legislature for the promotion of public health, safety and welfare through the provision of safe, decent and affordable housing for low-income Texans and other underserved populations. Through the development and administration of innovative and unique housing programs, TSAHC facilitates affordable housing primarily for Texans who do not have comparable options through conventional financial channels. All TSAHC programs are offered statewide, with special attention given to rural areas and other select target areas. www.tsahc.org